Tax-Planning Strategies for Year-End Filing and COVID-19-Applicable Deductions
dBusiness Magazine has published one of many recent COVID-19 updates for the business publication's readership, including a recent roundup of resources available to entrepreneurs and small businesses during this crisis. The feature included mention of the following:
SCORE's tax-planning tips to help entrepreneurs capitalize on every deduction that is available during the crisis.
The basic business deductions the IRS offers are:
- Startup costs
- Business insurance
- Business vehicles
- Healthcare tax credits
- Interest paid on loans
- Business gifts
- Business travel
- Charitable contributions
- The cost of last year’s tax preparation
A comprehensive list of tax credits available to small businesses is posted at irs.gov. SCORE Detroit suggests entrepreneurs consider the following for additional tax relief:
- Disabled Access – for businesses that incur expenses related to hiring individuals with disabilities.
- Empowerment Zone Employment – for businesses that hire and retain employees who live within a federally designated empowerment zone.
- Work Opportunity – for those that hire individuals from certain targeted groups who have consistently faced significant barriers to employment.
- Investment Credit – for expenses related to rehabilitation, energy, and reforestation investment.
To see what other resources dBusiness brought to the attention of our local small business community, read the entire article.
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